New York State Comptroller H. Carl McCall and New York City Comptroller Alan G. Hevesi announced they will bar short-term investments with Swiss banks Sept. 1 if there is no settlement by then between the banks and representatives of Holocaust survivors.
The comptrollers also promised to stop the banks and investment firms from selling city and state debt and providing letters of credit. If the impasse over dormant bank accounts and looted assets dating from World War II continues, the sanctions will be extended Nov. 15 to include additional financial services and will apply to all Swiss companies by Jan. 1.
